Obi: I will keep Tinubu’s Naira floating and focus on making the currency more valuable

National Democratic Congress presidential candidate, Peter Obi, has said he will maintain the naira floating exchange rate policy introduced under President Bola Tinubu if elected president in the 2027 general elections.

Obi, however, said his administration would focus on increasing productivity to strengthen the value of the naira and improve the purchasing power of Nigerians.

The former governor of Anambra State stated this in an interview with Arise TV on Thursday, responding to a question on the policies of the Tinubu administration that he would maintain if elected president.

When asked to identify one policy he would maintain, Obi replied: “Yes. One. It is expressed in naira. I will not defend it, but I will increase productivity to make it more valuable to the people.”

The floating of the naira is one of the major economic reforms undertaken by the Tinubu administration following the inauguration of the president in May 2023.

The Central Bank of Nigeria introduced the “willing buyer, willing seller” model on June 14, 2023, effectively unifying the multiple segments of the country’s currency market and allowing market forces to play a greater role in determining the value of the naira.

The policy was designed to address distortions created by multiple exchange rate windows, improve transparency and strengthen price discovery in the foreign exchange market.

However, the naira depreciated significantly following the reform.

According to CBN data cited in the report, the exchange rate in the investors and exporters window closed at N770.88 per dollar at the end of June 2023, compared to N460 per dollar at the end of December 2022.

Despite the reform’s impact on the currency, Obi said he would not reverse the floating exchange rate regime if elected, but would seek to make the economy more productive.

He argued that increasing domestic production would be critical to improving the strength of the naira and the well-being of Nigerians.

The NDC candidate also expressed support for the elimination of petrol subsidy, another major economic policy of the Tinubu administration.

On August 24, Obi said he supported the removal of subsidies but criticized the policy’s management of the proceeds recovered.

According to him, his own administration would remove the subsidy in an “organized manner” and invest the savings in areas that would directly benefit Nigerians.

Obi’s latest stance indicates that while he has criticized some aspects of the Tinubu administration’s economic management, he would not necessarily reverse all major reforms if elected.

He instead advocated complementing the reforms with measures to increase productivity, strengthen domestic production and improve the economic value of the naira.

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